GERMANY: Porsche secures more VW shares
Porsche has secured a further 4.92% of Volkswagen shares, although the European Union competition authorities have delayed to 23 July their decision on its plans to take a majority shareholding in Volkswagen.
According to dpa-AFX, a spokesman said it had secured contracts to buy the extra shares, which would give it control of more than 35% of the shares in the company. Porsche has not actually bought the shares as it needs European Commission approval to broach the 35% level.
Because it has acquired the contracts, Porsche has had to resubmit its documentation regarding the acquisition of Volkswagen to the European Commission. A spokesman said this was a formality and that it was still confident that it "will soon get the green light from Brussels".
Porsche has to acquire approval from around 15 other competition authorities. The relevant US authorities have already approved the deal.
Porsche announced yesterday that its turnover had risen just 0.7% in the first 10 months of its financial year to EUR6m. It sold 82,025 cars in the period.